Carrefour in Brazil retail merger war with Casino June 28, 2011 FRENCH supermarket giant Carrefour is poised to attempt to take control of Brazil’s top retailer, Grupo Pao de Acucar, from arch-rival Casino in a bold move to broaden its footprint in a top emerging market. The talks on a merger between Carrefour, which has been struggling with a stagnant domestic market, and Pao de Acucar, [...]
CITY VIEWS: ARE YOU WORRIED ABOUT SHOPS FAILING? June 28, 2011 HANNAH SMITH | DEUTSCHE BANK “I’m not particularly worried about it as they’re not shops that I tend to go to. It results in less competition for other stores but also doesn’t doesn’t help confidence in the economy so is a bit unnerving.” CHRIS JUDD | QBE INSURANCE “I think that retail is expanding too [...]
Reckitt’s Becht joins plane firm June 28, 2011 Bart Becht, the outgoing chief of Cillit Bang maker Reckitt Benckiser, said yesterday that he will join the board of ICON Aircraft, a US sports plane company in which he became a key investor earlier in the year. The company aims to make its first plane models in 2012. Becht retires as Reckitt chief executive [...]
Supermarket giants signal woe June 28, 2011 Two bulwarks of the retail sector, Asda and Sainsbury, painted a bleak picture of the UK retail economy yesterday. Consumers are in recession, Asda’s chief financial officer told a conference. “Do I expect it to improve any time soon? No, I do not,” said Judith McKenna. Her views were echoed by Sainsbury finance director John [...]
Jane Norman pre-pack deal sparks a row June 28, 2011 ADMINISTRATORS to struggling retailer Jane Norman yesterday sold off 33 stores in a controversial pre-pack administration that has refueled the debate into this route for insolvent companies. Edinburgh Woollen Mills, which was lined up as a buyer by PwC before the company was handed over to its administrators Zolfo Cooper, has agreed to buy a [...]
Thorntons and Carpetright to shut branches June 28, 2011 HIGH street chocolate seller Thorntons and carpet retailer Carpetright yesterday warned they will both shut more branches in a bid to trim costs and stay afloat. Thorntons, which gave a profit warning in May, said a minimum of 120 shops would shut, with the possibility of an extra 60 closures. The group currently has 227 [...]
NIGHTMARE ON THE HIGH STREET June 28, 2011 HMV is closing 60 stores this year as online music takes toll Jane Norman Edinburgh Woollen Mill acquires brand – but 33 stores to close Thorntons to close up to 180 stores in a review of the business Carpetright reduced its number of outlets by 27 to 559 in the year to April
Bank officials concerned by fall in incomes June 28, 2011 THE AMOUNT of spare cash in Britons’ pockets tumbled by 2.7 per cent in a year, after accounting for inflation, official data revealed yesterday. The Office for National Statistics said household spending fell 0.6 per cent in the first three months of 2011. News of the biggest annual drop in real disposable incomes since 1977 [...]
Hays expects jobs slowdown June 28, 2011 BRITISH recruiter Hays expects to deliver modest domestic growth next year, saying fragile consumer confidence would hit the private sector market with public sector hiring set to remain flat. Hays, which reported 18 per cent private sector growth in the third quarter, down from 27 per cent in its first half, expects a slowing trend [...]
Higher taxes and rising deficit to come from an ageing population time bomb June 28, 2011 AN AGEING population will impose higher taxes and a rising deficit on the UK unless radical changes are made to the government’s entitled programmes, the think tank Reform will argue today. The pensioner population will experience its fastest growth for the whole century ahead during the current parliamentary term, the group has calculated. By 2016 [...]
